Tuscany International announced that, through its wholly owned subsidiary Tuscany South America, it has executed a letter of intent with HRT to provide contract drilling services, commencing in September, 2010, for a period of 4 years in connection with operations in northwestern Brazil in the Solimoes Basin. The definitive agreement in respect of the Transaction is required to be executed within 45 days of acceptance of the Letter of Intent. Execution of the definitive agreement is conditional upon, among other things, Tuscany opening a registered office in Rio de Janeiro.
HRT Oil & Gas, a newly established exploration and production unit of the Brazilian oilfield consulting firm, HRT Petroleum, holds operator stakes in 21 blocks in the Solimoes Basin in Brazil's Amazonas state. The area is home to Brazil's largest producing field of light oil, the Urucu field operated by state-run energy company Petroleo Brasileiro. HRT Oil & Gas signed farm-in deals to buy a 51% stake in the blocks from Petra Energia SA and M&S Brazil. HRT Oil & Gas is funded with $275 million raised pursuant to a brokered private placement.
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